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Mr Conor Lenihan T.D., Minister for Science, Technology and Innovation, has today described Ireland’s medical devices industry as “a key driver and fertile source of innovation towards the development of Ireland’s Smart Economy”.

Minister Lenihan was addressing a joint Irish Medical Devices Association/Science Foundation Ireland forum in Galway. The event, which was attended by over 100 people, provided an opportunity for SFI researchers to showcase their work to medical device companies based in Ireland, given the strategic importance of the sector to the Irish economy.

Minister Lenihan said: “The global medical technologies industry is valued at $280 billion and has been growing by approximately 7% per annum. In Ireland, this industry generates sales in excess of €6 billion annually and employs over 25,000 people. Clearly, the resilience and buoyancy of Ireland’s medical devices industry is something to which other sectors in the economy can look for guidance and inspiration. The pioneering research and range of market-leading products being generated within the medical devices sector presents a beacon for economic recovery and a boost for Ireland’s international standing".

The Minister was commenting following the release earlier this week of data by the Irish Exporters Association which show that exports of pharmaceuticals, chemicals and medical devices are defying the global recession with an 11% growth level in the first 6 months of the year compared to the same period in 2008.

The Minister added “Ireland’s expanding research base and commercial productivity has been formidable in the area of medical devices for a number of years now, and our reputation in this sphere continues to be enhanced through the collective efforts of industry and, importantly, bolstered by the growing research capacity supported by Government investment through SFI.

“In order to initiate and implement a programme of economic rejuvenation, Ireland needs to maintain its competitive advantage in specialised areas such as this,” Minister Lenihan concluded.